Investment to be utilized to boost brand awareness and business development in Singapore, Malaysia
May 12, 2017: BankBazaar, India’s leading financial marketplace, is upping its investment in its International business with an additional Rs.10 crore investment in its Singapore subsidiary. The company will also invest Rs.5 crore in its Malaysian arm towards the end of the year.
BankBazaar entered the Singapore market in early 2016 with an initial outlay of Rs.1 crore. This was followed by a Rs.5-crore investment in September last year. This second investment will be used for generating better brand awareness of the Singapore portal as well as for expanding the Singapore team, both onshore and offshore.
Speaking about the investment, Adhil Shetty, CEO, BankBazaar, said: “International markets like Singapore or Malaysia are showing positive signs for a business like ours. With the absence of a marketplace that is capable of providing end-to-end services across products, BankBazaar becomes the frontrunner by providing such a marketplace powered by completely paperless technology. Our technology is very flexible and adaptable. So we are able to scale across these countries today without having to spend on technology resources. Hence, it makes a lot of business sense to invest in business development in what we see as very promising markets.”
The company sees huge potential in the international market and foresees almost 20% of the total revenue coming from international subsidiaries by 2020. “We are the pioneers of paperless finance in India, and aim to replicate our successes internationally. Today, the Singapore arm has already started generating revenue. We see a huge potential here, and so do our partners. We already have a few partners on board and are in talks with many more to increase this number,” added Shetty.
Towards the end of the year, BankBazaar will also be investing Rs.5 crore to spread its International business to BankBazaar to Malaysia. The company currently has a website live in Malaysia though the subsidiary will be set up in the second half of this year. It is also exploring other Asian and Middle Eastern markets including the UAE, the Philippines and Indonesia.
BankBazaar, ranked as the best financial website in India by the Internet and Mobile Association of India (IAMAI), is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for their finance products. It is designed with smart technology capabilities and over 50 of India’s leading financial institutions and insurance firms have chosen to integrate themselves with the platform. For the online consumer today, banking is as easy as shopping for anything online. What’s more, BankBazaar’s services are completely free!
BankBazaar services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android play store and iOS app store. It helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.